Objectives: The goal of the present study was to investigate whether forgiveness played a mediating role in the relationships between gerotranscendence and wisdom among people in late adulthood. Method: The study included 416 participants aged 60 to 75 years. The following measures were used: the Gerotranscendence Scale Type 2 (GST2), the Heartland Forgiveness Scale and the Self-Assessed Wisdom Scale (SAWS). To verify the hypothesis, a longitudinal three-wave field study was conducted. Results: The results suggest that an increase in gerotranscendence is associated with an increase in forgiveness and wisdom. In addition, greater willingness to forgive co-occurs with higher levels of wisdom. Moreover, dispositional forgiveness mediates the relationship between gerotranscendence and wisdom – a higher gerotranscendence leads to a higher wisdom through an increase in forgiveness. Conclusion: The results of our research add to the knowledge of the mechanism of the relationship between gerotranscendence and wisdom and support the thesis that late adulthood presents individuals with new challenges and opportunities for creative personal development.